Public printers feel pressure

Public printers feel pressure
Print companies recover from dip following global sell-off

ASX-listed print, packaging, and paper companies have been saved from the worst of blood spilt on the trading floor in the last couple of days.

The country's biggest printer PMP only saw a small change yesterday, its stock price dipping from $0.46 to $0.45, coming back to 46c today, although this is way below the 78c it was in November before the profit warning and Peter George's retirement.

The IVE Group shares took a three per cent hit yesterday, from $2.20 to $2.12, despite being on a mostly upward curve dating back to November, but rebounded this morning to be back to 2.18.

In packaging, Amcor shares were at $14.47 on Monday, slumped to $14.15 on Tuesday, and have now recovered and shot ahead, sitting at $14.56. Orora shares were $3.26 on Monday, falling to $3.14 yesterday, and have now lifted to $3.21.

Wellcom's share have been on their own roller coaster, up ten per cent by Monday on the previous week, down by eight per cent on Tuesday.

The big news publishers were hit too - Fairfax falling by five per cent from $0.72 to $0.68 from Monday to Tuesday, while News Corp tumbled eight per cent from $21.60 to $20.04, before recovering to $20.62 today.

APN Outdoor shares closed at $4.45 on Monday, dropping as low as $4.24 yesterday, bouncing back today to $4.37.

Over the past week the Australian share market dropped $90bn in value since Sunday as markets throughout Asia followed United States investors in a scramble for the exits.

Every sector on the ASX 200 was impacted, with the worst performers being technology down 5.1 per cent, energy off by 4.5 per cent and health care taking a 4.2 per cent hit. Most print companies are bouncing back today, and were spared the worst of falls.

Source: Australian Printer

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